Liberty All-Star(R) Growth Fund, Inc. August 2014

BOSTON, MA--(Marketwired - Sep 17, 2014) - Below is the August 2014 Monthly Update for the Liberty All-Star ^® Growth Fund, Inc. ( NYSE : ASG )

Liberty All-Star Growth Fund	Monthly Update
Ticker: ASG	August, 2014

Monthly Performance
Performance	NAV	Market Price	Discount
Beginning of month value	$5.38	$5.18	3.7%
Distributions	-	-
End of month value	$5.66	$5.31	6.2%
Performance for month	5.20%	2.51%
Performance year-to-date	0.30%	-1.05%
The net asset value (NAV) of a closed-end fund is the market value of the underlying investments (i.e., stocks and bonds) in the Fund's portfolio, minus liabilities, divided by the total number of Fund shares outstanding. However, the Fund also has a market price; the value at which it trades on an exchange. If the market price is above the NAV the Fund is trading at a premium. If the market price is below the NAV the Fund is trading at a discount. Returns for the Fund are total returns, which include dividends, after deducting Fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions. Past performance cannot predict future investment results.Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. Shareholders must be willing to tolerate significant fluctuations in the value of their investment. An investment in the Fund involves risk, including loss of principal. Sources of distributions to shareholders may include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at http://www.all-starfunds.com/ . These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.
Net Assets at Month-End ($millions)
Total	$135.6
Equities	$134.3
Percent Invested	99.1%

Investment Approach

Fund Style: All- Cap Growth

Fund Strategy: Combines three growth style investment managers, each with a distinct capitalization focus (small-, mid- and large-cap)selected and continuously monitored by the Fund's Investment Advisor.

Investment Managers:

Weatherbie Capital, LLC Small-Cap Growth | Matthew A. Weatherbie, CFA TCW Investment Management Company Mid-Cap Growth | Chang Lee and Mike Olson, CFA Sustainable Growth Advisers, LP Large-Cap Growth | George Fraise, Robert Rohn, & Gordon Marchand, CFA

Top 20 Holdings at Month-End
		(32.4% of equity portfolio)
		(Rank from previous month)
1		Cerner Corp. (1)		2.1%
2		athenahealth, Inc. (4)		1.9%
3		Salesforce.com, Inc. (5)		1.8%
4		Google, Inc., Class C (2)		1.8%
5		Splunk, Inc. (11)		1.7%
6		LinkedIn Corp., Class A (9)		1.7%
7		ServiceNow, Inc. (19)		1.7%
8		Dril-Quip, Inc. (3)		1.7%
9		American Tower Corp. (7)		1.7%
10		Waste Connections, Inc. (6)		1.7%
11		Middleby Corp. (20)		1.6%
12		Schlumberger Ltd. (8)		1.6%
13		Amazon.com, Inc. (10)		1.5%
14		Virtus Investment Partners, Inc. (13)		1.5%
15		ARM Holdings PLC (18)		1.5%
16		Signature Bank (12)		1.4%
17		IHS, Inc., Class A (16)		1.4%
18		Illumina, Inc. (22)		1.4%
19		Starbucks Corp. (14)		1.4%
20		Visa, Inc., Class A (15)		1.3%
		Holdings are subject to change.

Sector Breakdown (% of equity portfolio)*
Information Technology		25.9%
Industrials		17.9%
Consumer Discretionary		15.7%
Financials		14.1%
Health Care		13.9%
Energy		6.0%
Consumer Staples		5.4%
Materials		0.7%
Telecommunication Services		0.4%
Total Market Value		100.0%
*Based on Standard & Poor's and MSCI Barra Global Industry Classification Standard (GICS).

	New Holdings			Holdings Liquidated
	Independent Bank Group, Inc.			AMETEK, Inc.
	Mobileye N.V.			Frank's International N.V.
				Proto Labs, Inc.